MRM_REGISTRATION_DOCUMENT_2017

5

significant contracts

CBRE Global Investors’ obligations are to: • Perform its duties conscientiously and with due diligence in the best interest of the Company and in accordance with (i) standard professional practice, and (ii) professional standards of property asset management; • Act in accordance with (i) current legislation and regulations, and (ii) the authorisations and licences granted to it in order to provide its services; • Devote the time and allocate all the resources needed to successfully fulfil its obligations under the agreement, and to designate appropriate resources and skills with a view to fulfilling its duties; • Notify the Company promptly of any change to the team set up by it to manage the properties, recruit a team with an equivalent level of experience so that continuity of the mission and quality of performance is ensured, and introduce said new team to the Company as soon as possible.

These consulting and assistance fees in relation to property disposals were payable on the date of the actual sale of the properties or the actual transfer of the stake or shares in the company which, directly, or indirectly, owned the properties. Until 31 December 2016, the fees paid to CBRE Global Investors at the transfer of ownership were supplemented, where appropriate, at the end of the rent guarantee period, by 1% of the portion of said guarantee not used by the purchaser, and/or, where appropriate, on payment by the purchaser of any price supplement, by 1% of said supplement. As of 1 January 2017, this was supplemented, where appropriate, at the end of the rent guarantee period, by 0.5% of the portion of said guarantee not used by the purchaser, and/or, where appropriate, on payment by the purchaser of any price supplement for up to 0.5% of said supplement. The acquisition of property assets did not result in the payment of fees.

Services charged to M.R.M. subsidiaries totalled €0.2 million in 2017 compared with €1.0 million in 2016 and €1.1 million in 2015 and break down as follows:

2017

2016

2015

(in millions of euros excluding VAT)

Asset management consulting fees

0.2

0.7 0.3 1.0

0.9 0.2 1.1

Asset disposal consulting fees

-

TOTAL

0.2

M.R.M. 2017 REGISTRATION DOCUMENT

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